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Posted To: MBS Commentary"For no apparent reason" is a bit of an overstatement. There are several plausible reasons that bonds could be rallying as well as they are at the moment-- not the least of which being the extent to which they sold off at the end of 2016. The rationale for the 2016 sell-off was somewhat tenuous, given its size. MBS Live has been steadfast in saying that we were not seeing a 1:1 ratio of justification and market movement. Reason being: the justification in this case was the " growth and inflation " potential associated with the new administration combined with the fact that any major bounce in yields right now might make it look like a decades-long bullish trend was coming to an end. Even traders who didn't believe in that narrative were best-served by pushing rates higher...(read more)
Posted To: Mortgage Rate WatchMortgage rates moved lower for 3rd straight day (and the 5th time in the past 6 days). That makes this the best winning streak of the year and it brings rates to the lowest levels of the year (matching February 8th and a few days in early January). From here, you'd have to go back to mid-November 2016 to see appreciably lower rates. All that having been said, the range over that time has been fairly narrow--4.125%-4.375% for top tier conventional 30yr fixed rate quotes. Naturally, today's average lender is at 4.125% although some of the more aggressive lenders are indeed down to 4.0%. No matter the rate quoted, the important point is that today's rates are noticeably lower than yesterday's. Even if the NOTE rate is the same, the upfront costs should be lower (thus making for a lower EFFECTIVE...(read more)
Posted To: MND NewsWireSales of newly constructed homes, had a strong start in 2016 but flattened out toward the end of the year and ended with a dismal December. Now 2017 has also started on a positive note. The Census Bureau and the Department of Housing and Urban Development reported sales were up in January by 3.7 percent from the previous month to a seasonally adjusted annual rate of 555,000 units. Sales in December, originally estimated at 536,000 unites were revised down to 535,000. The January sales were 5.5 percent higher than sales a year earlier of 526,000. On a non-seasonally adjusted basis there were 41,000 homes sold during the month compared to 38,000 in December. Analysts had however expected a much stronger recovery from the 10.4 percent nosedive sales took in December. Econoday reported those they...(read more)